• NIRVIK scheme for export credit insurance to be implemented this year 2020-2021

    Scheme for refunding duties, taxes to exporters, too, to be brought out.

    Exporters have been assured that the new export credit insurance scheme, NIRVIK (Niryat Rin Vikas Yojana), offering lower premiums, higher insurance cover and faster claim settlement, will be implemented in FY2020-21.

    Another scheme, for reimbursing some input duties to exporters, that was initially to be implemented from January 1, 2019, will now be announced some time this year, said Finance Minister Nirmala Sitharaman in the Budget, but she didn’tspecify an exact date for the same.

    Budget 2020-21: Besides, it will also help double the farmers' income. "The focus on standards and quality will facilitate exports of quality products, fetching better unit realisation and enabling manufacturers to meet the technical standards and help tide over the barriers erected by many of our trading partners, while also stemming cheap quality imports thereby protecting the domestic industry," Saraf said.

    Credit : 

    BusinessLine & FinancialExpress 

    Image Credit : Money Control

  • Singles Day sales for Alibaba top $31 billion, breaking last year's record

    November 11 is known as Singles’ Day because the date is written with four ones, which came to symbolize single people. It has also become a popular day to celebrate relationships.

    The country's biggest e-commerce company topped last year's record in 16 1/2 hours. The event regularly racks up bigger sales than Black Friday and Cyber Monday combined.
    "Singles Day is being held up as a bellwether of Chinese consumers' willingness to spend in the face of a domestic slowdown" wrote Jeffrey Halley, senior market analyst for Asia Pacific at Oanda, in a note Monday. But "deeply discounting prices always brings consumers out to play, no matter how bad the economy might be," he added.
    China’s $480 billion e-commerce heavyweight Alibaba has brought in $30 billion in sales with its Singles’ Day sales event, despite a slowdown in Chinese e-commerce.

    The 24-hour shopping event kicked off with the streaming of a live performance by Taylor Swift in Shanghai, before it cut to marketing for the over 1,000 brands Alibaba sells.

    Alibaba started offering Singles Day discounts in 2009 and has since turned the day into a 24-hour bonanza of online shopping in China.
    Just one minute later the company reached $1 billion in sales— by late afternoon, Alibaba had hit $30 billion, seemingly on track to match the all time record set last year at $30.8 billion.
     
    Source : CNN Business Forbes
    Photo Credit : Irish Times
  • India decides to opt out of RCEP

    India won't join the RCEP, because concerns about getting swamped by imports under the agreement - putting it's domestic industries & agriculture at risk.

    " The present form of the RCEP agreement does not fully reflect the basic spirit and the agreed guiding principles of RCEP" Prime Minsiter Narendra Modi said in the address at the RCEP summit.

    Commerce & Industr ministerPiyush goyal said that, " The decision not to join RCEP will boost MAKE IN INDIA"

    India runs a large deficit with RCEP countries and was looking for specific protectionfor it's Industry & farmers from a surge in Imports, especially from China

    Refrence :

    The Economic Times

     

     

  • RCEP - An opportunity for ASIAN giants

    India's trade deficit with China is broad. India want to decrease the trade deficit with China as well as wants to increase the trade with the RCEP countries. Bilateral trade is expected to touch USD 100 Billion next year. 

    Imports from China were 13.6% of India's total merchandise imports in 2018-2019.

    Indian industry is worried that the further import of goods from China will hurt local companies, especially those in consumer durable & manufacturing.

    Nonetheless, , the RCEP is also a perfect opportunity for both India & China to take their cooperation in all mutual areas of interest.

    Credit : Live Mint